Scotiabank Mortgage Calculator

Asking Price

Enter the price of the home you're interested in and press GO.Enter the amount of the mortgage you wish to renew or refinance and press GO.

Down payment

Down payment
The amount of money you pay up front to obtain a mortgage. The minimum down payment in Canada is 5%. For down payments of less than 20%, home buyers are required to purchase mortgage default insurance, commonly referred to as CMHC insurance.

Down payment 1 (%)

Down payment 2 (%)

Down payment 3 (%)

Down payment 4 (%)

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Down payment 1 ($)

Down payment 2 ($)

Down payment 3 ($)

Down payment 4 ($)

Mortgage insurance

Mortgage insurance
Mortgage default insurance, commonly referred to as CMHC insurance, protects the lender in the case the borrower defaults on the mortgage. Mortgage default insurance is required on all mortgages with down payments of less than 20%, which are known as high ratio mortgages. Mortgage default insurance is calculated as a percentage applied to your mortgage amount.

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Total Mortgage Required

equals

$-

$-

$-

$-

Amortization period

Amortization period
The length of time it will take a homeowner to pay off his/her mortgage. In Canada, the maximum amortization period for insurable mortgages is 25 years. Longer amortization periods allow homeowners to make smaller monthly payments, but equate to more interest paid over the life of the mortgage.

STEP 2

Choose an amortization period.

Amortization period 1

Amortization period 2

Amortization period 3

Amortization period 4

Mortgage rate

Mortgage rate
The rate of interest you will pay on the outstanding balance of your mortgage. This is determined by the mortgage type and mortgage provider. To see how rates vary by type and provider, click on "Select Rate" link on the right.

Mortgage type
The mortgage type includes the term of the mortgage, between 1-10 years, and the rate type, variable or fixed. The mortgage term is the length of time you commit to the terms, conditions and mortgage rate with a specific lender. The mortgage rate type can be fixed for the duration of the term or variable, fluctuating with the prime rate. Fixed rates are most popular in Canada and represent 66% of all mortgages, according to the Canadian Association of Accredited Mortgage Professionals (CAAMP).

5-Year Fixed

5-Year Fixed

5-Year Fixed

5-Year Fixed

Total Mortgage Payment

Mortgage payment
The monthly mortgage payment is calculated based on the inputs you provided: the mortgage amount, rate type (fixed or variable), term, amortization period, and payment frequency. A general affordability rule, as outlined by the Canada Mortgage and Housing Corporation, is that your monthly housing costs should not exceed 32% of your gross household monthly income.

Land Transfer Tax:
$-

STEP 4

If necessary, update your profile to calculate land transfer tax.

Profile

Location:

I am a first-time home buyer

I am buying a newly built home

Provincial:

Provincial
Land transfer tax (LTT), typically calculated as a percentage of the purchase price of a home, is required when purchasing a home in Canada. All provinces have a LTT, and the amount varies in each province.

plus

Municipal:

Municipal
Some municipalities, like Toronto, levy an additional LTT, which is similarly calculated as a percentage of the purchase price of a home.

plus

Rebate:

Rebate
If you are a first-time home buyer in British Columbia or Ontario, you will be eligible for LTT rebates, equal to the value of the LTT up to a maximum amount set by the province.

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Land Transfer Tax $-

Provincial:

Provincial
Land transfer tax (LTT), typically calculated as a percentage of the purchase price of a home, is required when purchasing a home in Canada. All provinces have a LTT, and the amount varies in each province.

plus

Municipal:

Municipal
Some municipalities, like Toronto, levy an additional LTT, which is similarly calculated as a percentage of the purchase price of a home.

plus

Rebate:

Rebate
If you are a first-time home buyer in British Columbia or Ontario, you will be eligible for LTT rebates, equal to the value of the LTT up to a maximum amount set by the province.

When you purchase a house, there are a number of costs you'll need to put cash aside for in addition to your down payment. These costs depend on a number of factors including things like what kind of home you are buying (i.e. house vs. condo) and where the home is located.

Our tool will help you calculate these costs, so you know how much you'll need to save.

Expenses

When determining the size of home you can afford, it's important to look at the long term horizon. The mortgage rate you pay today could be substantially different from the mortgage rates available when the time comes to renew your mortgage.

The calculation below shows how much of your mortgage principal will be left at the end of the term.

Mortgage Amount

Scenario:

Mortgage amount today$-

Less: Principal paid off over term$-

Mortgage remaining at end of term:$-

Using this amount, below we calculate the corresponding mortgage payments at a variety of interest rates:

Purchase interest rate

PaymentSelected Scenario

Selected Rate

$-

Average 5-year Fixed Rates (2000 - 2010)

3.89%

$-

Average 5-year Fixed Rates (1990 - 2000)

7.23%

$-

Average 5-year Fixed Rates (1980 - 1990)

11.92%

$-

Below is a graph that displays the approximate values of competitive 5-year fixed mortgage rates since 2006.

5-year Fixed Mortgage Rates

Select rate

How to Estimate Payments

Your Scotiabank mortgage payments are calculated using your purchase price or mortgage renewal amount, the amount of your down payment (if purchasing a new home), the amortization period of your mortgage, and your mortgage rate. Once you’ve identified all of the required amounts, simply enter them into the mortgage calculator to determine your estimated mortgage payments.

About Scotiabank’s Mortgage Rates

Scotiabank seeks to provide mortgage solutions for all of its customers, especially those with varying circumstances. Scotiabank also offers special mortgages to people who are self-employed and individuals who are new to Canada.

In addition, Scotiabank has The Long and Short Mortgage. This mortgage is targeted towards individuals who are looking for fixed rates in the long run but want to take advantage of low interest short-term rates. Effectively you have a mortgage with two rates. A portion of your mortgage will be at a fixed rate while the other portion of your mortgage will have a variable rate that will change as Scotiabank’s prime rate changes.

Getting a lower mortgage payment

One of the best ways to have a lower mortgage payment is to have the lowest mortgage rate. You can find the lowest mortgage rate by comparing rates from a number of providers or you can get a mortgage broker to do all the work for you. Mortgage brokers are able to find you the lowest mortgage rate by comparing the rates from a number of providers.

Once you’ve selected your mortgage rate, you still can reduce your monthly payments. Increasing the size of your down payment or length of your amortization period can help reduce monthly costs.